Xin Lang Cai Jing·2026-01-04 01:47Core Viewpoint - The recent approval of 18 brokerages for non-financial corporate debt financing tool underwriting qualifications marks a significant step in the development of China's bond market, enhancing the service quality for the real economy and increasing direct financing's share [1][5]. Group 1: Qualification Expansion - 18 brokerages have been approved, forming a clear three-tier business structure, reflecting regulatory precision in managing bond underwriting [2][3]. - Six brokerages, including Caitong Securities and Huatai United, have obtained general lead underwriter qualifications, allowing them to independently lead various debt financing products [2][3]. - One brokerage, Zhongyin Securities, has secured a special lead underwriter qualification focused on technology innovation debt financing tools, benefiting from policy support [3][5]. Group 2: Market Dynamics - The entry of these 18 brokerages is expected to disrupt the existing market structure, which has been dominated by large banks and a few leading brokerages, where brokerages previously held less than 30% of the lead underwriting qualifications in the interbank market [5][6]. - The new qualifications enable brokerages to independently participate in the interbank market, previously requiring collaboration with banks, thus allowing them to retain a larger share of underwriting fees [5][6]. Group 3: Business Opportunities - The qualification expansion provides brokerages with broader opportunities in fixed income business, allowing them to build a full-chain service capability from issuance to trading and market-making [7]. - The diverse range of non-financial corporate debt financing tools, including short-term financing bonds and medium-term notes, complements the existing products in the exchange market, enhancing the overall bond service system [7][8]. - The competition in the bond underwriting market is expected to intensify, leading to a more reasonable underwriting fee structure and providing issuers with more options [8]. Group 4: Future Implications - Leading brokerages with strong capital and risk control systems are likely to dominate high-quality projects, while smaller brokerages may need to adopt differentiated strategies to survive [8]. - The approval of qualifications is not a permanent solution; ongoing regulatory oversight will require brokerages to enhance their risk management and pricing capabilities to capitalize on the benefits of their new qualifications [8].